as introduced - 91st Legislature (2019 - 2020) Posted on 03/09/2020 05:46pm
Engrossments | ||
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Introduction | Posted on 02/17/2020 |
A bill for an act
relating to taxation; individual income; expanding the student loan credit; amending
Minnesota Statutes 2018, section 290.0682, subdivision 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2018, section 290.0682, subdivision 2, is amended to read:
(a) An eligible individual is allowed a credit against the tax
due under this chapter.
(b) The credit for an eligible individual equals the least of:
(1) eligible loan payments minus ten percent of an amount equal to adjusted gross income
in excess of $10,000, but in no case less than zero;
(2) the earned income for the taxable year of the eligible individual, if any;
(3) the sum of:
(i) the interest portion of eligible loan payments made during the taxable year; and
(ii) ten percent of the original loan amount of all qualified education loans of the eligible
individual; or
(4) deleted text begin $500deleted text end new text begin $1,000new text end .
(c) For a part-year resident, the credit must be allocated based on the percentage calculated
under section 290.06, subdivision 2c, paragraph (e).
(d) In the case of a married couple, each spouse is eligible for the credit in this section.
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This section is effective for taxable years beginning after December
31, 2019.
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